Adicet Bio(US:ACET) Businesswire·2024-03-19 20:10Core Insights - Adicet Bio, Inc. reported financial results and operational highlights for Q4 and the full year 2023, focusing on the advancement of its gamma delta T cell therapies for autoimmune diseases and cancer [1][2]. Operational Highlights - The FDA granted IND clearance for ADI-001 in lupus nephritis, with plans to initiate a Phase 1 study in Q2 2024 and preliminary data expected in Q4 2024 or Q1 2025 [3]. - The company is expanding ADI-001's development into additional autoimmune indications, anticipating preliminary clinical data in late 2024 or early 2025 [3]. - ADI-001 is currently in a Phase 1 study for relapsed or refractory non-Hodgkin's lymphoma (NHL), with a clinical update expected in the second half of 2024 [4]. - ADI-270 is in preclinical development for solid tumors, with an IND filing planned for renal cell carcinoma in Q2 2024 and clinical data expected in the first half of 2025 [4]. Financial Results - For Q4 2023, R&D expenses were $24.8 million, slightly down from $25.0 million in Q4 2022, while G&A expenses increased to $6.8 million from $6.6 million [7]. - The net loss for Q4 2023 was $29.5 million, or $0.69 per share, compared to a net loss of $29.9 million, or $0.72 per share, in Q4 2022 [7]. - For the full year 2023, R&D expenses rose to $106.0 million from $71.2 million in 2022, while G&A expenses were $26.5 million, up from $26.3 million [8]. - The net loss for the year was $142.7 million, or $3.31 per share, compared to a net loss of $69.8 million, or $1.70 per share, in 2022 [8]. - Cash and cash equivalents were $159.7 million as of December 31, 2023, down from $257.7 million a year earlier, but the company raised $91.8 million in January 2024, extending its cash runway into the second half of 2026 [8][6]. Corporate Updates - Dr. Benjamin Hsu was appointed as Vice President of Clinical Development for Autoimmune in March 2024, bringing over 20 years of experience in immunology and rheumatology [5][6].